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China Keeps ‘Heading To The Moon’ With Blockchain Development


newslogical.com 21 August 2020 22:00, UTC
Reading time: ~3 m

The happenings around the world at large and China, in particular, have got no hold on the country expanding on all sides, most especially in blockchain development.

The past seven months in the year 2020, have been times of ‘global crying’ for the countries of the world, yet, China is said to have over 10k new blockchain companies added to the existing ones.

At the founding of China’s Blockchain since 2009, the statistics have since been increasing and have hit a new high in 2020, according to LongHash.

Even though there are over 91k registered blockchain companies, around 30,000 are presently in operation.

As of June, the China Internet Report, 2020 has stated that although there’s an ongoing trade war between China and the U.S, fintech companies in China has raised a huge sum totaling 39,000,000,000 USD in funding and about 80% companies have an investment with technology development.

Xi Supports Blockchain For China’s Development

China happens to be the world-leading nation to have come out with a blockchain policy. China has an antiquity of disseminating huge signals to its citizens in matters relating to the advancement of the country.

Sometime in 2017, Xi, drew out a plan on how it would like that the country become known for artificial intelligence, come 2030. All hands have however been on deck hence the public announcement made by the government.

In recent times, China officially launched research and development work for 6G mobile networks, after it rolled out 5G network just a few days before. This and many other developments have served as motivation for advancing the technology.

According to a report, Jehan Chu, fellow founder of Kenetic Capital has said, with the utmost support given to blockchain by XI, China’s president, it however depicts that the future foundation of technology is blockchain and China will be the first country to the moon.

Without mincing words, technology development in China is on-going and since March, Cyber Administration of China has had over 500 blockchain projects registered with them, Huawei and Tencent; China’s leading internet firms, inclusive.

China Just Wouldn’t Relent

Wuhan, one of the cities in China in December 2019, recorded the first report of an unknown virus which has ended up eating deep into every sector in the world.

John Hopkins University’s research on the global pandemic, coronavirus, has confirmed that across the world, there have been cases of over 5 million cases, and about 400,000 people confirmed dead.

China’s rivers are said to have risen above the danger mark and over 24 million people have been displaced due to the floods, as at July 31.  However, in this turmoil, China keeps advancing.

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